Activist investor Paulson & Co. Inc. has nominated a slate of eight directors to replace the entire board of Canadian miner Detour Gold Corp. The hedge fund run by billionaire John Paulson, which said it owns a 5.4 percent stake in Toronto-based Detour, has formally called for a meeting of shareholders to elect its slate no later than Sept. 28...

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The current Detour Gold directors have presided over a period of massive value destruction with little regard for shareholder interests, while enriching themselves with shareholders' cash.

Detour Gold's focus is on the implementation of its life of mine plan, not a fire sale. Blindly following an agenda to sell the company now ignores the clear and present opportunities available through the disciplined execution of this plan.

Paulson is not advocating for a fire sale, but rather a comprehensive review of all alternatives, including a sale. Once all the options are delineated, then the Board can make an informed decision on the best alternative for all shareholders.

To turn the company's prospects around, it is important that the Board be comprised of individuals who will represent the interests of all Detour Gold shareholders first, free from the longstanding entrenchment and self-enrichment practices that have characterized the current board.